29 Nov '13, 10am

Beyond Bitcoin: A Guide to the Most Promising Cryptocurrencies | Motherboard via @motherboard

Beyond Bitcoin: A Guide to the Most Promising Cryptocurrencies | Motherboard via @motherboard

Consistent with its name, Litecoin is essentially Bitcoin-lite and is the second most valuable altcoin. It shares nearly all the same features except it has a shorter block rate (every 2.5 minutes versus 10) and a different proof-of-work (scrypt versus SHA2). Shorter block rates mean faster transaction times, which is advantageous, but it’s not a huge change. The use of a separate proof-of-work is. Scrypt was chosen because it theoretically prevents the use of ASICs, those specialized chips that greatly increase mining power and efficiency (though there is debate over the validity of this claim). This is supposed to maintain a sense of egalitarian participation since the arrival of ASIC chips has significantly raised the barriers of entry for mining . If you aren’t already a Bitcoin miner, forget about it. That boat has sailed.

Full article: http://motherboard.vice.com/blog/beyond-bitcoin-a-guide-t...

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